NMC Health, the embattled firm now in administration, asked the London Stock Exchange to delist its shares, following a string of revelations about the financial position of the company.
The "continued listing of the shares in NMC Health incurs significant cost and adds complexity in a situation where decisions need to be made quickly in partnership with the group's stakeholders. Against this backdrop, the administrators have concluded that delisting NMC Health's shares is appropriate", the company said in a statement to London Stock Exchange on Monday.
Trading in the shares of NMC Health was suspended on February 27. A UK court placed NMC Health into administration on the application of Abu Dhabi Commercial Bank (ADCB) earlier this month. ADCB has an exposure of $981 million (Dh3.6 billion) to NMC. Overall, UAE banks have a combined exposure of at least Dh8bn to the healthcare firm.
“The operating entities are unaffected by the delisting. NMC's hospitals, medical centres, care facilities and other operations in the group continue to operate, under existing management, with patients continuing to be treated as they are currently,” NMC added in the statement to the LSE.
The development comes as ADCB initiates criminal legal proceedings with the attorney general in Abu Dhabi against the company’s founder BR Shetty and a number of other individuals.
On March 10, NMC announced its debt position was $5bn, materially above the last reported numbers of $2.1bn and on March 23, it said the debt was estimated to be around $6.6bn.
"We are working at pace to ensure continuity of patient care, stability for staff and suppliers and financial security for NMC's operating companies. Delisting shares in NMC Health is the logical next step, given the situation we have inherited,” Richard Fleming, joint administrator of NMC Health and managing director of Alvarez & Marsal, said.
Alvarez & Marsal also appointed a new set of NMC board members including Eli Chahin, Christopher Hall, Myles Halley and Philip Gore-Randall "to ensure more robust standards of governance" at the company.
Over 80 major local, regional and international financial institutions extended credit to NMC, which was founded by Mr Shetty in Abu Dhabi in 1975, and now employs more than 2,000 doctors and about 20,000 other staff.
The company operates 2,200 hospital beds as well as clinics and pharmacies in 19 countries.
NMC has made a series of damaging disclosures in the past few months after a report by activist investor Muddy Waters in December alleged it inflated cash balances, overpaid for assets and understated its debt.
Palestine and Israel
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Damien McElroy: Anti-science attitudes in America are proving lethal
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
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Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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KILLING OF QASSEM SULEIMANI
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Transgender report
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Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Combating coronavirus
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Rashmee Roshan Lall: we will learn how to be vulnerable together
Tomorrow 2021
War and the virus
Simon Rushton: War vet raises £12m for health workers
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How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
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Tomorrow 2021
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Killing of Qassem Suleimani
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Damien McElroy: A CEO tasked with spreading Iran's influence
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Mohammed bin Zayed Majlis
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Zayed Sustainability Prize
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• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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COMPANY PROFILE
While you're here
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
THE%C2%A0SPECS
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• The National announces Future of News journalism competition
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
ABU DHABI TRIATHLON
For more information, and to enter the race, please visit www.abudhabi.triathlon.org.
